Business accounts: Malaysia

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A company account in Malaysia is opened at a local bank supervised by the Central Bank of Malaysia. The bank works with a company registered with the Companies Commission of Malaysia, usually a private limited company. A foreigner can own it fully, but under the Companies Act 2016 at least one director must ordinarily reside in Malaysia, and the company secretary must be a licensed professional. Dollar amounts use the European Central Bank rate of 5 October 2026, about 4.09 ringgit per dollar.

The company for the account

• Private limited company: the main form, from one shareholder and one resident director.
• Company secretary: mandatory, appointed within 30 days of incorporation.
• Registration online with the Companies Commission.
• Sector licences: foreign-owned trading and several other activities need separate ministry approvals.

Taxes the bank will see

• Corporate income tax: 24%. Small companies pay 15% on the first 150,000 ringgit of profit, about $36,700, and 17% on the next 450,000, but these rates are unavailable if foreigners own more than 20% of the capital.
• Sales tax: 5-10%; service tax: mostly 8%.
• E-invoicing is being phased in for all companies, with sales data sent to the tax authority.

Reporting and exchange rules

• An annual return is filed with the Companies Commission every year after the incorporation date, and financial statements usually with an audit.
• The corporate tax return is due within seven months of the financial year end.
• Exchange rules. Resident companies may hold foreign currency accounts; export proceeds are brought back to Malaysia through a bank but can be kept in foreign currency.
• A foreign director who personally works in Malaysia obtains an employment pass for professionals.

What the bank checks

• certificate of incorporation, constitution and director details from the Companies Commission;
• passports of directors and owners, work permits of foreign directors;
• real activity in Malaysia: office, staff, contracts;
• origin of capital and payment countries;
• for foreign currency operations, compliance with Central Bank exchange rules.

Protection of funds

Malaysia's Deposit Insurance Corporation protects up to 250,000 ringgit, about $61,200, per depositor per member bank, companies included; nationality and residence do not matter.

How opening works

1. Company registration with a resident director and secretary.
2. Sector licences if needed.
3. Bank file and origin of capital.
4. Directors' meeting with the bank.
5. Account opening in ringgit and foreign currency, with online banking.

Why banks refuse

• No real activity or office in Malaysia.
• The resident director is nominal and not involved in management.
• Owners or origin of capital not disclosed.
• No sector licence for the stated activity.
• Overdue annual return or tax return.

What we do

Murblz specialists register a company in Malaysia with locally licensed partners, find a resident director and secretary, obtain licences, prepare the bank file and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

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